The thermal energy storage market is projected to reach US$ 31,964.26 million by 2030 from US$ 19,572.24 million in 2022, with an estimated CAGR of 6.3% from 2022 to 2030. The growing proliferation of renewable resources in the overall power mix and increasing focus on achieving zero carbon emissions in different states and countries fuel the thermal energy storage market growth. The volatile geopolitical scenarios worldwide have shown the importance of energy storage facilities in managing energy emergencies. In many energy storage facilities, thermal storage is one of the most cost-efficient and feasible options, driving the application of thermal energy storage technologies in residential, commercial, and industrial sectors globally.
The energy resources for power generation primarily include coal, natural gas, nuclear, oil, and biomass. Renewable resources consist of solar, wind, and hybrid resources. After producing energy by leveraging different available resources, producers primarily distribute the generated energy to end-use or application areas. The generated energy is transmitted to end-use areas as per requirement, but the surplus amount of produced energy is stored for later usage. Advantages of using energy storage Include a balanced supply of energy, reduced costs in peak hours, and proper utilization of stored surplus energy when required. BrightSource Energy Inc., Abengoa SA, Baltimore.
The end users of thermal energy storage include power plants, commercial and residential establishments, and industries such as manufacturing, textile, transportation, and food & beverages. The evolving energy scenario across the globe is creating a demand for energy storage infrastructure. The storage infrastructure allows the storage of energy and its usage as per the requirement. Thermal energy storage is also critical owing to the required balance of energy supply and demand for heating and cooling applications. It also enhances flexibility in electricity-only applications, including thermal power plant retrofits. Advancements in storage systems and a rise in research and development in energy management systems are contributing to the growth of the storage infrastructure.
Thermal energy storage technology, such as molten-salt storage, is widely leveraged at concentrated solar plants. Sodium chloride (NaCl), KCl, and MgCl 2 have potential applications in high-temperature thermal energy storage in CSP plants. Major countries such as the US, China, Germany, and South Africa focus on deploying CSPs and investing in advanced technologies to enhance the operational efficiency of the plants. This thermal energy can then be applied for industrial heat applications or to provide heat to a turbine or heat engine that can drive a generator and generate electricity. Thus, the increase in the expansion of the renewable energy sector and favorable government initiatives toward using a sustainable approach to reduce carbon emissions are fueling the investment in concentrated solar power plants (CSPs), which is driving the market growth.
Defense applications impose a set of challenges on the usage of energy storage infrastructure. A stable, reliable, and steady power supply is important in defense applications. Phase change materials (PCM) are one of the most promising technologies in thermal energy storage. PCMs are being significantly employed and researched for enhancing the thermal performance of buildings by stabilizing temperature peaks as well as power-saving functions where heating or cooling is essential. Thus, the rise in the application of thermal energy storage technology in the defense sector is likely to create lucrative opportunities for the thermal energy storage market growth during the forecast period.
Key segments that contributed to the derivation of the thermal energy storage market analysis are type, storage material, application, and end-user.
The geographic scope of the Thermal Energy Storage Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Europe is leading the thermal energy storage market in 2023. The Europe thermal energy storage market is segmented into Germany, France, Italy, the UK, and Russia. In solar power plants, district heating is a major application area of thermal energy storage. Europe has over 200 solar district heating programs, predominantly in Germany, Austria, Denmark, and Sweden. The demand for energy in the industrial, commercial, and residential sectors is growing rapidly; hence, governments of various countries in Europe are focused on developing alternative solutions to conventional power supply. The favorable government policies and mandates in line with the net zero carbon emission and clean energy targets are creating the demand for sustainable storage infrastructure, including thermal storage in Europe.
The regional trends and factors influencing the Thermal Energy Storage Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Thermal Energy Storage Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 19,572.24 Million |
| Market Size by 2030 | US$ 31,964.26 Million |
| Global CAGR (2022 - 2030) | 6.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Thermal Energy Storage Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Thermal Energy Storage Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Thermal Energy Storage Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Thermal Energy Storage Markets market and strategies:
The “Thermal Energy Storage Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: